Turkey (106)

"The changes that Turkey went through following 2000, including the economic decisions that were made, are an important step. The reforms made in 2000 allowed Turkey to make great strides, despite the fact that it came at the top of the list of countries with high inflation and high interest rates. Powerfull businessmen from Turkey share their experiences and plans."

The US Export-Import Bank (Ex-Im Bank) has guaranteed $66.3 million to facilitate the export of American power plant to Bis Enerji Elektrik Uretim AS (Bis) of Turkey. Ex-Im Bank's financing will support more than 160 American jobs in Houston, Texas; Wellsville, N.Y.; Orlando, Fla.; and Lewiston, Maine. "Ex-Im Bank's loan guarantee affords the U.S. companies involved an opportunity to export their American-made products to a Turkish market hungry for electricity," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Equally important is the loan guarantee's impact on American jobs, which will benefit from the increased business."

NEW YORK (AP) - Citigroup's net income fell 12 percent in the second quarter partly due to a loss on the sale of its stake in a Turkish lender. The income of $2.9 billion was still better than analysts were expecting. Citi is one of the largest international banks in the world and its results are often seen as a gauge of how the global economy is doing. Investors are particularly concerned about recent signs of a slowdown in China and India, two large markets for Citi. Citi's consumer banking business in Asia and Latin American barely declined by less than one percent.

Odea Bank, the Turkish unit of the Lebanese Bank Audi, will increase its capital from $300 million to at least $600 million, said the bank’s General Manager Hüseyin Özkaya, according to Hürriyet. Noting that the establishment preparation continues at full steam, Özkaya said, “We are going through a very serious test phase. We test everything – the system, preparations, everything once again. All these [works] necessitate investment. There are indications from the investor that the investment will be constant. We have shared all our works particularly with the group chief executive officer Samir Hanna. The investor has promised us that the amount of capital or funds that we want will be provided. We may at least double the current $300 million. We are talking about $1 billion investment here,” he said.

Over 200 Turkish businessmen are to participate in a four-day business forum starting today in Kampala. The forum aims at linking the buyer to the original seller or the manufacturer of Turkish products. The secretary general of Uganda Turkish Business Association, Lokman Ginar, explained that more Ugandan businessmen have been conned by middlemen.

Turkey and Azerbaijan will “soon” agree on construction of a pipeline that will carry natural gas to Europe, potentially rivaling the European Union-backed Nabucco project, an Azeri energy official said.

By Jack A. Goldstone (Foreing Policy) - Forget the BRICs. The real economies that will shake up the world over the next few decades need a new acronym. Nov. 30 marked the 10th anniversary of Goldman Sachs economist Jim O'Neill's anointing of the BRIC economies -- Brazil, Russia, India, and China -- as the future leaders of the global economy. Yet 10 years on, the notion of the BRICs already seems out of date. In China and Russia, demographic patterns have shifted. Their working-age populations are declining, as are exports, while still-rigid political systems stifle free thought and hamper technical advance.

By Matthew Brunwasser - For the Geo Quiz we are looking for a province in southern Turkey about the size of Delaware. The province used to be part of Syria once, but was ceded to Turkey in 1939. It is an ethically diverse province and even includes a village with a 100 percent ethnic Armenian population. The capital of the province is the city of Antakya. Hatay is the answer to the Geo Quiz. Hatay is home to the only village in Turkey that is populated solely by ethnic Armenians considering that most ethnic Armenians, in what was then the Ottoman empire, fled or were killed or ethnically cleansed in 1915.

ISTANBUL -(MarketWatch)- Turkey and Azerbaijan signed a deal Monday for the construction of a new joint gas pipeline project, the Trans Anadolu pipeline, which will stretch from Turkey's eastern border to its western border, with the aim of exporting Azerbaijani natural gas to Europe. The deal was signed by Turkish Energy Minister Taner Yildiz and Azerbaijan's industry and energy minister, Natiq Aliyev.

Representatives of a prominent US trade delegation consisting of senior representatives of the US renewable energy sector as well as various US government officials and financial companies enjoyed a final gala dinner on Thursday evening sponsored by the Turkish-American Business Association (TABA). Energy consumption in Turkey is expected to grow 5-7 percent per year through 2023 and is forecasted to require over $100 billion in power generation transmission and distribution investment. Renewables will make up an increasingly large part of the pie, with a 30 percent target for the same year

Turkey has the highest rates in emerging Europe, the Middle East and Africa, Goldman Sachs Group Inc. said, after it started following the country’s overnight money market rates instead of the central bank’s benchmark.

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ISTANBUL: Turkey's trade deficit widened 26 percent year-on-year in October to $7.98 billion, data showed on Wednesday, less than a forecast deficit of $8.3, trade deficit rose 63.5 percent to $90.18 billion from $55.17 billion in the same period of last year. The pace of yearly growth of Turkish imports declined to 15.1 percent from its peak of 48.7 percent in February while the pace of yearly growth of Turkish exports stood at 8.9 percent from its peak of 32 percent in August.

Several Atlanta-based Turkish business and cultural groups are organizing a relief fund for victims of a 7.2-magnitude earthquake that hit the eastern part of that country Oct. 23.

More than 270 people have been confirmed killed by the quake and several aftershocks, while thousands are homeless. Atlanta’s Istanbul Center and Turkish American Chamber of Commerce of the Southeast U.S. are accepting donations to the Istanbul Center Turkey Earthquake Relief Fund for relief and reconstruction.

Contributions can be mailed to the Istanbul Center’s office at Two Midtown Plaza, 1349 West Peachtree St., Suite 1010, Atlanta, Georgia 30309.

Donations can also be sent online via PayPal from the center’s website at www.istanbulcenter.org or wired directly to the fund at Wells Fargo & Co. bank account number 6020584402.

The Atlanta chapter of the American Turkish Friendship Council is also collecting funds to repair a school or dormitory in the eastern city of Van, Turkey, which is in the region most badly affected by the quake.

Donations to this fund can be sent to: ATFC, 1266 West Paces Ferry Rd., Unit 257, Atlanta, Georgia 30327. Checks should be made out to the American Turkish Friendship Council and have Van Earthquake Relief Fund in the memo line.

CHICAGO TURKS RALLY FOR EARTHQUAKE RELIEF Turkish-Americans in the Chicago area are hoping to raise at least $50,000 for relief efforts, in the aftermath of a devastating earthquake in their homeland.

More than one hundred people died in the eastern city of Ercis, where the quake was centered, with another hundred confirmed dead in Van, about 30 miles away. Over a thousand people were injured, when the powerful quake hit Sunday, and rescue officials feared the casualty tolls would go much higher.

“There is a possibility that we will have a thousand people killed by the devastation of the earthquake,” said Suleyman Turhan, President of the Turkish American Federation of the Midwest. “That’s going to come out by the time the rescue efforts are completed in a couple of days.”

Dramatic rescue pictures were beamed worldwide by Turkish television networks, from a nation which knows the heartbreak of such powerful forces of nature all too well. More than 17,000 died when a quake hit northwestern Turkey, including the city of Istanbul, in 1999.

Rescue teams responding to the weekend quake in Van province worked through a cold night, searching for those who might still be alive in the rubble.

“The thing we don’t know yet is that all those people, much more in rural areas, they haven’t reported back as to the casualties,” said Fatih Yildiz, Turkish consul general in Chicago. “Since it happened in the middle of the day, no one knows where those people were during the earthquake.”

Search teams have expressed hope that some collapsed residential buildings might have been empty, with many residents at work when the tremor hit.

Turkey lies at the intersection of three major fault lines, and quakes are not an unusual occurrence there. Because of that, and especially in the aftermath of the 1999 quake, special precautions have been taken in new construction, and the nation has gone to considerable effort to train rescue teams.

“That’s what we are trying to do nowadays in Turkey,” said Yildiz, the Chicago consul general. “You know, raise awareness about how you cope with the effects of the earthquakes. In fact, how to live with the facts that earthquakes bring to the life of the people in Turkey.”

Indeed, the Deputy Prime Minister Besir Atalay said some 15,000 tents had been distributed in the earthquake region, and that field kitchens had been set up to feed an estimated 25,000 people.

The tragedy struck during what was to have been a festive time this week, the 88th anniversary of the founding of the Turkish republic.

“We are somewhat being tested in terms of our solidarity and standing together against some odds that nature brings us,” Yildiz said, noting that there has been a tremendous outpouring of support for the earthquake victims from throughout the nation. The government said over 1200 aid workers from over 30 nearby towns, and at least 145 ambulances had joined in the rescue efforts.

Chicagoans wishing to help with the relief efforts can donate through the website of the Turkish American Society of Chicago. The address is www.tascweb.org.

Source: http://www.nbcchicago.com/news/local/132501253.html#ixzz1by8TQjPvFUNDRAISER AT CLIFTON RESTAURANT TO AID VICTIMS OF TURKEY QUAKE CLIFTON — A fundraiser will be held Thursday at Toros Restaurant to raise money for victims of the recent earthquake in eastern Turkey that killed more than 400 people.

Members of about a dozen Turkish-American cultural and business groups from North Jersey and New York will attend show their support, said organizer Derya Taskin, of Paterson. The public also is invited to the fundraiser, which includes food donated by the restaurant and desserts from Taskin Bakery.

People may donate what they wish to relief efforts, which will be used in nonprofit and government relief efforts, Taskin said. The restaurant is located at 489 Hazel St. and the event starts at 7 p.m.

The fundraiser is part of a greater effort by the Turkish-American community to help earthquake victims. About 4,689 Turkish residents live in North Jersey, according to the latest census figures, with the highest concentrations residing in southern Passaic and southeast Bergen counties.

Helping Hands Relief Foundation, based in Carlsdadt, has collected about $10,000 in donations since the earthquake struck Sunday, said the group’s president, Nevzat Yilmaz.

Several people also have called to offer their services if Helping Hands decided to send a team of volunteers to the region, as it has to Haiti, Kenya and other disaster-struck areas. “We are keeping in touch with organizations [in Turkey] and if they need people to help, we will organize a group,” Yilmaz said. Source: Northjersey.comFoto: AA

Raise your hand if you think the hottest emerging market for M&A is either India, China or Brazil. Well, if you raised your hand, you're wrong. A Bloomberg analysis found dealmaking in Turkey has grown faster than in any of the other big emerging markets. The value of Turkish buyouts has grown by 59% to $8.8 billion over the past year, while M&A fell in the other three.

ISTANBUL, TURKEY and PALO ALTO, CA- Trendyol.com, the leading and fastest-growing fashion e-commerce company in Turkey, has announced that it has raised $26 million from Kleiner Perkins Caufield & Byers and existing investor, Tiger Global, to fuel continued growth and scale operations. Notably, this is Kleiner Perkins Caufield & Byers' (KPCB's) first investment in Turkey -- raising attention for both Trendyol.com and the rapidly-expanding Turkish Internet and e-commerce ecosystem. KPCB has invested some of the world's most respected technology companies including: Google, Amazon.com, Twitter, AOL and Zynga. Trendyol.com highlights the unprecedented Internet and e-commerce growth market in Turkey, as well as company growth statistics in this infographic: www.trendyol.com/trends.